Chinese automobile after sales market predicted to exceed 760b RMB in 2015

According to official statistics, China’s automobile after sales service are expected to exceed 760 billion RMB ($123.53b) this year. The market’s annual volume is expected to exceed 1 trillion RMB ($162.54b) in five years and 4 trillion RMB ($650.15b) in a decade. This rapid development has attracted an increasing number of investors to the Chinese market.

Last September, the Ministry of Transportation and nine other government agencies released a comprehensive report to enhance the quality and service of the Chinese after sales market. The report promotes unified global standards for the Chinese after sales service. The government hopes that these standards will help promote the healthy development of the Chinese market.

Major IT enterprises are making efforts to open up the market. Tencent, one of China’s largest IT enterprises, is building a platform to allow users to gain access to maintenance and service.

Since the Chinese after sales market is still not fully mature, there is still a quite large amount of potential to benefit from. According to the China Association of Automobile Manufacturers (CAAM), the majority of Chinese automobile enterprises’ after sales operations are still lacking. The CAAM emphasizes the importance of even growth for the country’s healthy development.